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Nigeria the largest economy? Really?
Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
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Swenani wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
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Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa . @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! The GDP of Nigeria has just gone up more than 50%.Is the common nigerian better of or worse of than when their GDP was $262? All these rebasing and sizes of GDP is just a vanity. As the nigerian economy/GDP has been growing the Nigerian population living below the poverty line has been growing. On this case it ain't a matter of going up but giving it the correct value, get the point? ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
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InnovateGuy wrote:tycho wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
***
Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! I say it would be worse off by more than 50%. Considering multiplier effects. Missing the point by a mile. I said GDP is unnecessary detail in terms of measuring human development. You are the one who brought up the issue of human development, we are trying to show you how they are related na bado umekuwa kichwa ngumu!!! ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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McReggae wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
***
Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa . @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! The GDP of Nigeria has just gone up more than 50%.Is the common nigerian better of or worse of than when their GDP was $262? All these rebasing and sizes of GDP is just a vanity. As the nigerian economy/GDP has been growing the Nigerian population living below the poverty line has been growing? On this case it ain't a matter of going up but giving it the correct value, get the point? Yes, I get the point.Can you also try to explain why the Nigerian population living below the poverty line has been increasing when the nigerian economy has been growing? If Obiero did it, Who Am I?
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Rank: Elder Joined: 7/1/2011 Posts: 8,804 Location: Nairobi
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InnovateGuy wrote:tycho wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
***
Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! I say it would be worse off by more than 50%. Considering multiplier effects. Missing the point by a mile. I said GDP is unnecessary detail in terms of measuring human development. It's useful for the powerful. Why should the language of the weak be used?
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Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
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tycho wrote:InnovateGuy wrote:tycho wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
***
Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! I say it would be worse off by more than 50%. Considering multiplier effects. Missing the point by a mile. I said GDP is unnecessary detail in terms of measuring human development. It's useful for the powerful. Why should the language of the weak be used?  ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Rank: Veteran Joined: 12/4/2009 Posts: 1,982 Location: matano manne
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IMHO, GDP is still a powerful tool for giving a general idea of the size of a country's economy i.e level of production of goods and services in a country. Therefore, our Oga brodas have every reason to celebrate.
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Rank: Member Joined: 1/27/2012 Posts: 851 Location: Nairobi
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GDP is a measure of QUANTITY and not QUALITY.
Those who are bringing matters quality on this are just but chasing their tails.
Oga brothers have every reason to celebrate.
For the doubting Thomases, how does it feel when you read "East Africa's largest economy"?
Psychologically its rewarding.
When a country's GDP grows everybody benefits but NOT in equal measure. When it shrinks,everybody feels the heat, in REVERSE,with the ordinary citizenry taking the hardest punch.
I wonder those who are saying when an economy grows,only the elite benefit,whether they are serious about that line of argument.
Kukiwa kuzuri, hata omba omba upata mazuri yake.
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Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
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mkeiy wrote:GDP is a measure of QUANTITY and not QUALITY.
Those who are bringing matters quality on this are just but chasing their tails.
Oga brothers have every reason to celebrate.
For the doubting Thomases, how does it feel when you read "East Africa's largest economy"?
Psychologically its rewarding.
When a country's GDP grows everybody benefits but NOT in equal measure. When it shrinks,everybody feels the heat, in REVERSE,with the ordinary citizenry taking the hardest punch.
I wonder those who are saying when an economy grows,only the elite benefit,whether they are serious about that line of argument.
Kukiwa kuzuri, hata omba omba upata mazuri yake. Very well put! ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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Rank: Elder Joined: 12/27/2012 Posts: 2,256 Location: Bandalungwa
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Let us just congratulate Naija. GDP and GDP growth matters a lot. It means more money in government coffers. It also means increased economic opportunities for certain segments of society.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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GDP is the market value of all goods produced within a country in a given time GDP= (Investments or spending by firms, + New houses + Houses consumption + Govt spending on items manufactured in the country and local labor (+/-) Netexports/imports) Those who are bringing up issues of living standards are out of topic "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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A very good move in my Humble opinion. In planning, its important to have accurate facts to work with. As I have always stated, African economies GDP are generally understated simply because we don't use similar things to the developed countries, eg. electricity for cooking vs firewood. One is counted while the other is not, yet the end result is that they do the same job. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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South Africans are laughing at Nigerians.They are saying their country is the most industrialised in the African Continent; Total electricity generation output in Nigeria is 2500 MW population is 170m.South Africa ni 42000 MW population 52m Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 11/15/2012 Posts: 1,110
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GDP is the language of the 20th century. Human development index is the language of the 21st century. Who is living in the past? Live Full Die Empty - Les Brown.
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Rank: Veteran Joined: 11/15/2012 Posts: 1,110
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Ericsson wrote:South Africans are laughing at Nigerians.They are saying their country is the most industrialised in the African Continent;
Total electricity generation output in Nigeria is 2500 MW population is 170m.South Africa ni 42000 MW population 52m That's what the GDP won't tell you. I wonder why we should be stuck with old metrics that lack real value to the people. Live Full Die Empty - Les Brown.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Ericsson wrote:South Africans are laughing at Nigerians.They are saying their country is the most industrialised in the African Continent;
Total electricity generation output in Nigeria is 2500 MW population is 170m.South Africa ni 42000 MW population 52m Most of that elec is stolen, not used in production, @Innovateguy HDI is a social indicator GDP is a measure of production, size of economy and makes alot of sense "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 1/15/2010 Posts: 625
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Ericsson wrote:South Africans are laughing at Nigerians.They are saying their country is the most industrialised in the African Continent;
Total electricity generation output in Nigeria is 2500 MW population is 170m.South Africa ni 42000 MW population 52m South Africans laughing at Nigerians is misguided at best. Black South Africans control about 10% of the economy so the GDP per capita for them is about the same as for Kenya i.e. about 1,000 USD while Nigeria GDP per Capita is about 3,000 USD. In a decade Nigeria will figure out power issues and their growth rates mean that in 20 years their GDP will be multiples of SA. Black South Africans don't own their economy, Nigerians mostly do. That's why the biggest dons in Africa are Nigerian.
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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@mv_ufanisi; The point am raising is that GDP is a wrong metric value as a tool of measurement;HDI is better. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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One just needs to land in Lagos or any other Naija city to understand that the Oga's GDP/GNP (and all those other metrics) is not mtoto. Most of their shags resembles Umoja estate or any other concrete mess in Nairobi. Ogas consume cement the way rats consume maize. All Oga kids dream of being entrepreneurs and rarely will you find an Oga Student nurturing ambition of being a county rep or an MCA.Their wasaniis mop real money, not to mention the afro cinema characters. Furthermore, Oga's spend money. In a recent article Oyunga Pala attested to the fact that when he landed in Lagos for Africa Magic viewers award he realised what we have in Kenya is just mtoto economy and that Naija is a different beast. Dumb money becomes dumb only when it listens to smart money
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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Rank: Elder Joined: 5/21/2013 Posts: 2,841 Location: Here
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